Petrobras Raises $70 Billion as Investors See Growth

Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, raised as much as $70 billion in the world’s largest share sale as investors bet on its plans to double output within a decade by tapping offshore fields.

Petrobras, based in Rio de Janeiro, sold 2.4 billion common shares for 29.65 reais each and priced 1.87 billion preferred stock at 26.30 reais apiece. The company sold 115 billion reais ($67 billion) of shares and banks have an option to buy another 5 billion reais, according to a statement sent late yesterday.